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Posted: Fri Jan 18, 2008 7:56 am Subject: Pay Day Loan Help!

I have gotten myself in to a serious mess. I have 9 payday loans out and my entire paycheck is gone as soon as it is in my bank account. I don't know what to do. I live in Tennessee.

Here is a list of my outstanding loans.
rapidcashfouryou.com $325.00
nationwidecash.com $150.00
unitedcashloans.com $195.00
CMG Group $250.00
netcashusa.com $500.00
paydaymax.com $458.04
Aarowhead Investments $250.00
Impact Cash $390.00
usapaydayloan.com $500.00

Please help me.

Posted: Fri Jan 18, 2008 9:34 am Subject:

Okay, I went through my bank statements and here is a better summary of what I have borrowed and paid. I really want to vomit seeing this.

CMG Group
Original Loan Date 11/1/2007
Original Amount - $300.00
Fees Paid to Date - $540.00
Principal Paid to Date - $50.00
Remaining Balance - $250.00

unitedcashloans.com
Original Loan Date 10/9/2007
Original Amount - $350.00
Fees Paid to Date - $630.00
Principal Paid to Date - $200.00
Remaining Balance - $150.00

Impact Cash
Original Loan Date 1/8/2007
Original Amount - $300.00
Fees Paid to Date - $90.00
Principal Paid to Date - $0.00
Remaining Balance - $300.00

netcashusa.com
Original Loan Date 11/1/2007
Original Amount - $500.00
Fees Paid to Date - $900.00
Principal Paid to Date - $50.00
Remaining Balance - $450.00

Crown Lending
Original Loan Date 12/31/2007
Original Amount - $250.00
Fees Paid to Date - $75.00
Principal Paid to Date - $0.00
Remaining Balance - $250.00

Arrowhead Investments
Original Loan Date 1/2/2007
Original Amount - $300.00
Fees Paid to Date - $90.00
Principal Paid to Date - $50.00
Remaining Balance - $250.00

Impact Cash
Original Loan Date 1/8/2007
Original Amount - $300.00
Fees Paid to Date - $90.00
Principal Paid to Date - $0.00
Remaining Balance - $300.00

rapidcashforyou.com
Original Loan Date 12/10/2007
Original Amount - $250.00
Fees Paid to Date - $225.00
Principal Paid to Date - $0.00
Remaining Balance - $250.00

Magnum Funding
Original Loan Date 12/27/2007
Original Amount - $300.00
Paid to Date - 230.54 (unsure principal/interest)

usapaydayloan.com
Original Loan Date 1/10/2007
Original Amount - $400.00
Fees Paid to Date - $120.00
Principal Paid to Date - $0.00
Remaining Balance - $400.00

nationwidecash.com
Original Loan Date unsure
Original Amount - unsure
Amount Paid to Date - $740.00

paydaymax.com
Original Loan Date - 11/28/07
Original Amount - 500
Fees Paid to Date - $311.04
Principal Paid to Date - $38.96
Remaining Balance - $458.04

Someone please help me.

Posted: Fri Jan 18, 2008 10:13 am Subject:

Can you tell us which are Internet and which are storefront loans amandanoll. Have you defaulted on any of these yet? Just hang tight and someone will be along to give you advice. I know it's very frustrating and stressful, but there is a light at the end of the tunnel.

Posted: Fri Jan 18, 2008 10:15 am Subject:

They are all internet loans. I have not defaulted on any yet, but some payments are going to get returned soon because I don't have enough money in my bank account to pay them.

Thanks for your help.

Amanda

Posted: Fri Jan 18, 2008 10:18 am Subject:

Meanwhile, here are the laws for your state:

Posted: Fri Jan 18, 2008 10:30 am Subject:

Unfortunately, you will have to close your current bank account in order to stop them from debiting your account, but do NOT tell them you are going to do this. After you close out your account, open a new one at a totally different bank, at least then you will have some control over your money, not to mention money to live on until you can work out something with these payday companies. Based on what you have posted, it looks like you have overpaid some of them, however, it also depends on what state they are licensed in and what fees and interest that state allows. I am doing some research right now on these companies you posted, but until someone more knowledgable comes along about the laws in TN hang tight, because you will get help, just be patient. Smile

Posted: Fri Jan 18, 2008 10:31 am Subject:

i looked online at dept of financial institutions and in your state and i didnt see any of these companies as being licensed, seems to me like a couple of them are already paid and you should be asking for a paid in full letter from them IE. united cash loans, cmg, and net cash you should be asking for a refund, my goodness! this is only MY OPINION!

Posted: Fri Jan 18, 2008 10:32 am Subject:

Please read the link below BEFORE you close out your account. Smile

http://www.debtconsolidationcare.com/paydayloan/close-account.html

Posted: Fri Jan 18, 2008 10:34 am Subject:

You need to type up some letters revoking debiting your acct until you are able to close your acct if you can, that way if they continue to debit then you can show your bank the proof that you revoked that after you fax the letters over, of course, hold tight!

Posted: Fri Jan 18, 2008 10:36 am Subject:

thank you shazzers. i forgot about that, please read that before attempting to close, and make sure you talk with your bank EITHER WAY

Posted: Fri Jan 18, 2008 10:36 am Subject:

I am typing letters now and I am going to go to my bank on my lunch break. Should I have my bank stop all ACH activity?

Thank you so much for all your help. I am so glad I found this forum.

Posted: Fri Jan 18, 2008 10:37 am Subject:

yes ask them to stop all ach, do you have direct deposit? have you read the sticky on closing your acct?

Posted: Fri Jan 18, 2008 10:37 am Subject:

From what I get, according to the TN law, Internet pdl's loans can be licensed anywhere to be legally loaning to TN residents. The key is finding out which of these are legal, and which are not. You could go to you Department Of Financing and look up and see which of these have a license and which state the license is in, or you may try calling them and asking them what state they have their licensed in. If they aren't legal, and do not have a license, then all you are obligated to do is pay back the principal amount. It looks like you've paid above and beyond that amount to some of these.

Posted: Fri Jan 18, 2008 10:39 am Subject:

Yes I have direct deposit and yes I did read the post about closing my account. I will take all the letters with me to the bank. Should I have the bank return the payments to CMG, UnitedCash, and Netcash as I have obviously overpaid them? Should I have them return all the ACH withdrawals from today (I just got paid today).Also, I am faxing the letters, should I mail them as well. Do I need to use registered mail?

Posted: Fri Jan 18, 2008 10:41 am Subject:

The Tennessee law says that the maximum fee is $30. Is this true for internet operations as well?

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